SCA AND ASSOCIATESChartered Accountants

501-D, 5th Floor,Poonam Chambers, A WingDr. Annie Besant RoadWodi, Mumbai - 400018Telephone 022 24960407Email-scaandassociates@gmail.com.Website-www.scaandassociates.com

"LIMITED REVIEW" REPORT OF THE STANDALONE FINANCIAL RESULTS OFGRAUER & WElL (INDIA) LIMITED FOR THE QUARTER AND HALF YEARENDED 30th SEPTEMBER, 2019.

Independent Auditor's Review ReportTo The Board of Directors,Grauer & Weil (India) Limited.Mumbai.

1. We have reviewed the accompanying statement of unaudited standalonefinancial results of Grauer & Weil (India) Limited ("the Company") for thequarter and half year ended 30th September, 2019 ("the Statement") attachedherewith being submitted by the Company pursuant to the requirement ofRegulation 33 of the SEBI (Listing Obligations and Disclosure Requirements)Regulations, 2015, as amended ("Listing Regulations").

2. This Statement is the responsibility of the Company's Management and isapproved by the Board of Directors. The statement, as it relates to the quarterand half year ended 30th September, 2019, has been compiled from therelated standalone financial statements prepared in accordance with IndianAccounting Standard 34 "Interim Financial Reporting" prescribed underSection 133 of the Companies Act, 2013 read with relevant Rules issuedthere under and other accounting principles generally accepted in India and incompliance with the Regulation 33 of the Listing Regulations. Ourresponsibility is to issue a report on the statement based on our review.

3. We conducted our review of the statement in accordance with the Standardon Review Engagement (SRE) 2410 "Review of Interim Financial InformationPerformed by the Independent Auditor of the Entity", issued by the Institute ofChartered Accountants of India. This standard requires that we plan andperform the review to obtain moderate assurance as to whether the statementis free of material misstatement. A review is limited primarily to inquiries ofcompany personnel and analytical procedures applied to financial data andthus provides less assurance than an audit. We have not performed an auditand accordingly, we do not express an audit opinion.

4. Attention is drawn to Note 2 of the Statement which states that the statementsof cash flows for the corresponding six months ended 30th September, 2018

SCA AND ASSOCIATES Continuation Sheet 2

as reported in the accompanying Statement has been approved by theCompany's Board of Directors but not been subjected to review.

5. Based on our review conducted as stated above, nothing has come to ourattention that causes us to believe that the accompanying statement,prepared in accordance with applicable Indian Accounting Standardsprescribed under Section 133 of the Companies Act, 2013, read with relevantrules issued thereunder and other accounting practices and principlesgenerally accepted in India, has not disclosed the information required to bedisclosed in terms of Regulation 33 of the Listing Regulations, including themanner in which it is to be disclosed, or that it contains any materialmisstatement.

For SCA AND ASSOCIATESChartered Accountants(Firm Registration No. 101174W)

. ,,~~vvv\f..v-O~:; "

(KIRON MALLAPUR)PartnerM. No. 036336UDIN: 19036336AAAADJ5353Mumbai, 13th November, 2019

Page 2 of2

•..,..

•GRAUER & WElL (INDIA) LIMITED

Regd. Office: Akurli Road, Kandivali (East), Mumbai 400101CIN - L74999MH1957PLC010975

Statement of Financial Results for the Quarter & Half Year Ended September 30, 2019SINCE 1957Rs In Lacs

Standalone Results

Sr. No. Particulars Quarter ended I Half vear ended Year ended30·Seo·19 T 30-Jun·19 I r 30-Seo-18 I 30·Sep-19 I 30-Seo·18 31·Mar·19

Unaudited AuditedI. Revenue from operations 15,039 13,091 14,076 28,130 25,999 59,915II. Other income 226 199 337 425 703 1,153III. Total income 15,265 13,290 14,413 28,555 26,702 61,068IV. Expenses:

Cost of materials consumed 7,903 7,352 7,894 15,255 13,682 31,724Purchases of stock-in-trade 106 165 51 271 140 357Changes in inventories of finished goods, work-in-progress 20 (1,154) (683) (1,134) (1,013) (104)and stock-in-tradeEmployee benefits expense 1,915 1,771 1,630 3,686 3,167 6,683Finance costs 33 33 18 66 60 79Depreciation and amortisation expense 451 443 387 894 763 1,546Other expenses 2,828 2,852 2,566 5,680 4,754 10,768

Total expenses 13,256 11,462 11,863 24,718 21,553 51,053

V. Profit before exceptional and extraordinary items and tax 2,009 1,828 2,550 3,837 5,149 10,015

Exceptional items (47) (400) - (447) - 619VI. Profit before extraordinary items and tax 2,056 2,228 2,550 4,284 5,149 9,396

Extraordinary items - - - - -VII. Profit before tax 2,056 2,228 2,550 4,284 5,149 9,396VIII. Tax expense:

(1) Current tax 508 622 940 1,130 1,530 2,988(2) Deferred tax (461 ) 63 39 (398) 76 37

IX. Profit for the period 2,009 1,543 1,571 3,552 3,543 6,371X. Other Comprehensive income

(a) The items that will not be reclassified to profit and loss (1) (2) (3) (3) (7) (6)(b) Income tax relating to items that will not be reclassified to

0 1 1 1 2 2profit and loss

XI. Total Comprehensive income for the period 2,008 1,542 1,569 3,550 3,538 6,367XII. Paid up equity share capital (Face value of Re. 1/- each) 2,267 2,267 2,267 2,267 2,267 2,267XIII. Reserves & surplus 39,723 37,876XIV. Earnings per equity share:

(1) Basic 0.89 0.68 0.69 1.57 1.56 2.81(2) Diluted 0.89 0.68 0.69 1.57 1.56 2.81

Rs In LacsStandalone Results

Sr. No. Particulars Quarter ended I Half year ended Year ended30-Sep-19 30-Jun-19 " 30-Sep-18 I 30-Sep-19 I 30-Sep-18 31-Mar-19

Unaudited Audited1 Segment Revenue

a) Surface Finishings 12,625 11,504 12,669 24,129 23,385 52,420b) Engineering 1,592 763 681 2,355 1,144 4,543c) Shoppertainment 873 874 829 1,747 1,657 3,434Total 15,090 13,141 14,179 28,231 26,186 60,397Add/(Less): Unallocable 175 149 234 324 516 671Total Income 15,265 13,290 14,413 28,555 26,702 61,068

2 Segment results{profit/(Loss) before Tax and Interest from each segment}a) Surface Finishings 2,163 2,400 2,559 4,563 5,142 9,843b) Engineering 58 73 146 131 111 251c) Shoppertainment 633 594 481 1,227 1,056 2,398Total 2,854 3,067 3,186 5,921 6,309 12,492Less:(i) Interest 33 33 18 66 60 79I(ii) Other unallocable expenditure, net off unallocable income 765 806 618 1,571 1,100 3,017Total Profit Before Tax 2,056 2,228 2,550 4,284 5,149 9,396

3 Capital Employed(Segment Assets Less Segment Liabilities)a) Surface Finishings 22,347 22,576 18,979 22,347 18,979 22,542b) Engineering 567 590 981 567 981 499c) Shoppertainment 7,714 7,932 8,175 7,714 8,175 8,078Total 30,628 31,098 28,135 30,628 28,135 31,119Add: Unallocable Corporate assets less Corporate Liabilities 11,362 10,547 9,178 11,362 9,178 9,024Total Capital Emploved 41,990 41,645 37,313 41,990 37,313 40,143

Rs In LacsStatement of Assets and Liabilities

Half year ended Year endedParticulars 30-Sep-19 31-Mar-19

Unaudited AuditedASSETSNon-current assets(a) Property, plant and equipment 23.212 23.016(b) Capital work-in-progress 755 308(c) Other intangible assets 129 113(d) Financial assets

(i) Investments 257 257(ii) Loans 43 43(iii) Other financial assets 1.514 1,457

(e) Income tax assets (net) 262 266(f) Other Non Current assets 177 175Total non-current assets 26,349 25,635Current assets(a) Inventories 9,737 9.240(b) Financial assets

(i) Trade receivables 8.871 11.136(ii) Cash and cash equivalents 2.602 3,861(iii) Bank balances other than above 8.088 6,421(iv) Other financial assets 78 172

(c) Other current assets 2.700 1.665Total current assets 32,076 32,495Total assets 58,425 58,130

EQUITY AND LIABILITIESEquity(a) Equity share capital 2.267 2.267(b) Other equity 39.723 37.876Total equity 41,990 40,143LiabilitiesNon-current liabilities(a) Financial liabilities

(i) Borrowings 35 63(ii) Other financial liabilities 2.027 1.703

(b) Provisions 1.825 1.784(c) Deferred tax liabilities (Net) 1,329 1,728Total non-current liabilities 5,216 5,278Current liabilities(a) Financial liabilities

(i) Borrowings 547 1.972(ii) Trade payables

Due to Micro and Small Enterprises 500 686Due to Others 4,782 5,300

(iii) Other financial liabilities 2.097 2.539(b) Other current liabilities 2,232 1,692(c) Provisions 202 202(d) Current tax liabilities (net) 859 318Total current liabilities 11,219 12,709Total liabilities

~16,435 17,987

Total equity and liabilities 58,425 58,130..•.

GRAUER & WElL INDIA LIMITEDSTANDALONESTATEMENTOFCASHFLOWFORTHEHALFYEARENDEDSEPTEMBER30,2019

Rs, in LacsSept 30, 2019 Sept 30, 2018

A, CASH FLOW FROM OPERATING ACTIVITIESPROFIT BEFORE EXCEPTIONAL ITEM & TAX 3,837 5,149Less:Exceptionalltem (447) -Profit before tax 4,284 5,149Adjustment for:Depreciation 894 763Bad debts written off 27 8Finance costs 66 60Loss/ (gain) on fixed assets sold/ discarded (net) 5 1Loss by Fire - -Net loss/ (gain) arising on fair value change (24) (17)Interest income (327) (360)Dividend income (0) (0)Operating profit before working capital changes 4,925 5,604Adjustments for changes in working capitalTrade receivables 2,238 1,075Inventories (497) (1,925)Long term loans and advances 108 (17)Short term loans and advances (1,035) (483)Other current assets 80 (31)Trade payables (704) (1,264)Other non current liabilities (39) 38Other current liabilities 184 279Long term provisions 42 66Short term provisions - 14Cash generated from operations 5,302 3,356Less:Direct taxes paid (587) (839)Net cash flow from operating activities 4,715 2,517

B. CASH FLOW FROM INVESTING ACTIVITIESPayment towards capital expenditure - -Payment towards purchase of fixed assets (1,285) (593)Proceeds from sale of fixed assets 49 1Investment in subsidary company - -Deposits/Balance with Banks (1,835) (193)Proceeds from Sale of Investment - -Interest and dividend income 341 381Net cash flow from investing activities (2,730) (404)

C. CASH FLOW FROM FINANCING ACTIVITIESLease Liability Payment (69) -Net proceeds/ (repayment) of hire purchase credits (41) (40)Proceeds/ (Repayment) of working capital facilities (1,425) -Loan to related parties - 1Net proceeds! (repayment) of loan from related parties - -Interest paid (69) (65)Dividend and corporate dividend tax (1,640) (1,640)Net cash flow from financing activities (3,244)

-----'----'-(1,744)

Net increase! (decrease) in cash and cash equivalents (1,259) 369

Cash and cash equivalents as at the beginning of the 3,861 2,130periodCash and cash equivalents 3,861 1,928Current investments - 202Cash and cash equivalents as at the end of the period 2,602 2,499

Cash and cash equivalents 2,602 2,296Current investments - 203

2,602 2,499 IYThe above Cash Flow Statement has been prepared under the "Indirect Method" as set out in the Indian•.•'tIE'l I"Accounting Standards (Ind AS 7) - Statement of Cash Flow. ,... .•.•'" ~er ....~

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Notes:

1The above unaudited standalone financial results were reviewed by the Audit Committee and taken on record by the Board of Directors at their meeting held on November 13,2019. The Statutory auditors have carried out limited review of the financial results.

2 The standalone cash flow statement for the half year ended September 30, 2018 is approved by Board of Directors of the Company and has not been subjected to limitedreview by the Statutory auditors.

3The Operating segments have been classified in line with the criteria used by the Chief Operating Decision Maker for assessment of performance, review of operating resultsand resource allocation. Accordingly, information has been presented along these business segments - viz, Surface Finishings, Engineering and Shoppertainment.

4This statement has been prepared in accordance with Companies (Indian Accounting Standards) Rules, 2015 (Ind AS) prescribed under section 133 of the Companies Act,2013 and other recognised accounting policies to the extent applicable.

5The Company has adopted Ind AS 116 effective from April 01, 2019 using modified retrospective method and recognizing the cumulative impact on the date of initial applicationi.e. April 01, 2019. Accordingly, the comparative figures relating to the previous periods/year have not been restated. The net impact of adoption of this standard on the Profitafter Tax for the current quarter and half year ended September 30, 2019 is not material.

6The Company exercised the option permitted under section 115BAA of the Income tax act 1961 as introduced by Taxation Laws (Amendment) Ordinance 2019. Accordingly theCompany has recognised Provision for Current Tax for the six months ended September 30, 2019 and remeasured its net Deferred tax liabilities basis the rate prescribed in thesaid section. The impact of the change has been recognised in the Statement of Profit & loss for the quarter and half year ended September 30, 2019.

7

At one of the production site of the company located at Vapi, a fire broke out on January 01, 2019 resulting in damage to stocks, plant and machinery and building. These. assets were adequately insured on re-statement basis. The book value of the assets lost due to the fire was Rs. 619 Lacs which was debited to the Statement of Profit andLoss and disclosed as an exceptional item for the quarter and year ended March 31, 2019. During the half year ended September 30, 2019 the Company has received anadvance payment of Rs. 447 Lacs towards its Insurance claim. This amount has been disclosed as an exceptional item. The Company has further received an intimation fromInsurance Company for release of further interim advance of Rs. 2 crores on November 8, 2019 subject to submission of necessary documents.

8 Previous period's figures have been regrouped and/or rearranged wherever considered necessary.

For SCA AND ASSOCIATES(Firm Reg. NO.101174W)

By Order of the Board

Kiron MallapurPartnerMembership No.: 036336

Place: MumbaiDate: November 13, 2019

SCA AND ASSOCIATESChartered Accountants

501-D, 5th Floor,Poonam Chambers, A WingDr. Annie Besant RoadWorli, Mumbai - 400018Telephone 022 24960407Email-scaandassociates@gmail.com.Website-www.scaandassociates.com

"LIMITED REVIEW" REPORT OF THE CONSOLIDATED FINANCIAL RESULTSOF GRAUER & WElL (INDIA) LIMITED FOR THE QUARTER AND HALF YEARENDED 30th SEPTEMBER, 2019.

Independent Auditor's Review ReportTo The Board of Directors,Grauer & Weil (India) Limited.Mumbai.

1. We have reviewed the accompanying Statement of Unaudited ConsolidatedFinancial Results of Grauer & Weil (India) Limited (hereinafter referred to as "theHolding Company") and its subsidiaries (the Holding Company and itssubsidiaries together referred to as "the Group") and its associates, for thequarter and half year ended 30th September, 2019 ("the Statement") beingsubmitted by the Holding Company pursuant to the requirements of Regulation33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations,2015 as amended ("Listing Regulations").

2. This Statement is the responsibility of the Holding Company's Management andis approved by the Holding Company's Board of Directors. The statement, as itrelates to the quarter and half year ended 30th September, 2019, has beencompiled from the related Consolidated Financial Statements prepared inaccordance with Indian Accounting Standard 34 "Interim Financial Reporting"prescribed under Section 133 of the Companies Act, 2013 read with relevantRules issued there under and other accounting principles generally accepted inIndia and in compliance with the Regulation 33 of the Listing Regulations. Ourresponsibility is to issue a report on the statement based on our review.

3. We conducted our review of the statement in accordance with the Standard onReview Engagement (SRE) 2410 "Review of Interim Financial InformationPerformed by the Independent Auditor of the Entity", issued by the Institute ofChartered Accountants of India. A review of interim financial information consistsof making enquires, primarily of persons responsible for financial and accountingmatters and applying analytical and other review procedures. A review issubstantially less in scope than an audit conducted in accordance withStandards on Auditing and consequently does not enable us to obtain assurancethat we would become aware of all significant matters that might be identified inan audit. Accordingly, we do not express an audit opinion. We also performed

SCA AND ASSOCIATES Continuation Sheet 2

procedures in accordance with the circular issued by the Securities andExchange Board of India under Regulation 33(8) of the Listing Regulations, tothe extent applicable.

4. Attention is drawn to Note 2 of the fact that the consolidated figures for thecorresponding quarter and six months ended 30th September, 2018 and thestatements of cash flows for the corresponding period from 015t April, 2018 to30th September, 2018 as reported in these unaudited consolidated financialresults have been approved by the Holding Company's Board of Directors buthave not been subjected to review since the requirement of submission ofquarterly consolidated financial results has become mandatory effective 015t

April, 2019.

5. The statements includes the results of the following entities:

S No Name of the Entity Relationship

1 Grauer & Weil (Shanghai) Limited Subsidiary

2 Grayer & Weil (UK) Limited Subsidiary

3 Growel Chemicals Co. Limited Subsidiary

4. Grauer & Weil Engineering Private Limited Associate

5 Grauer & Weil (Thailand) Co. Limited Associate

6 Growel Sidasa Industries Private Limited Associate

6. The statement includes the interim financial results and other financialinformation of three subsidiaries which have not been reviewed/audited, whoseinterim financial results/information reflects total revenues of Rs 428 lacs andtotal net profit after tax of Rs 13 lacs and total comprehensive profit of Rs 13 lacsfor the half year ended 30th September, 2019 which have not been reviewed bytheir auditors and have been furnished to us by the Holding Company'sManagement. The statement also includes the Group's share of net profit aftertax of Rs Nil and total comprehensive income of Rs Nil for the quarter ended on30th September 2019, in respect of three associates based on their interimfinancial information, which have not been reviewed by their auditors, and havebeen furnished to us by the Holding Company's Management. According to theinformation and explanations given to us by the Management, these interimfinancial results and financial information are not material to the group. Ourconclusion on the statement is not modified in respect of the above matter.

Page 2 of3

SCA AND ASSOCIATES Continuation Sheet 3

7. .Basedon our review conducted as stated in paragraph 3 above, nothing hascome to our attention that causes us to believe that the accompanyingstatement, prepared in accordance with applicable Indian Accounting Standardsprescribed under Section 133 of the Companies Act, 2013, read with relevantrules issued thereunder and other accounting practices and principles generallyaccepted in India, has not disclosed the information required to be disclosed interms of Regulation 33 of the Listing Regulations, including the manner in whichit is to be disclosed, or that it contains any material misstatement.

For SCA AND ASSOCIATESChartered Accountants(Reg.No. 101174W)

\~~

(KIRON MALLAPUR)PartnerM. No. 036336UDIN: 19036336AAAADK6399Mumbai, 13th November, 2019

Page 3 of3

-----------------------------------------------------------------------------------------------------------------------------,GRAUER & WElL (INDIA) LIMITED

Regd. Office: Akurli Road, Kandivali (East), Mumbai 400 101CIN - L74999MH1957PLC010975

Statement of Financial Results for the Quarter & Half Year Ended September 30,2019SINCE 1957Rs In Lacs

Consolidated Results

Sr. No. Particulars Quarter ended I Half year ended Year ended30-Sep-19 I 30-Jun-19 I 30-Sep-18 I 30-Sep-19 I 30-Sep-18 31-Mar-19

Unaudited AuditedI. Revenue from operations 15,098 13,209 14,159 28,307 26,184 60,108II. Other income 230 203 336 433 707 1,156III. Total income 15,328 13,412 14,495 28,740 26,891 61,264IV. Expenses:

Cost of materials consumed 7,903 7,352 7,894 15,255 13,682 31,724

Purchases of stock-in-trade 121 198 121 319 203 396Changes in inventories of finished goods, work-in-

21 (1,146) (690) (1,125) (1,016) (113)progress and stock-in-tradeEmployee benefits expense 1,945 1,815 1,652 3,760 3,230 6,774Finance costs 33 33 18 66 60 80Depreciation and amortisation expense 454 445 388 899 765 1,549Other expenses 2,845 2,864 2,563 5,709 4,798 10,823Total expenses 13,322 11,561 11,946 24,883 21,722 51,233

V. Profit before share of profit of associates 2,006 1,851 2,549 3,857 5,169 10,031Share in profit of associates - - - - - -

VI. Profit before exceptional and extraordinary items2,006 1,851 2,549 3,857 5,169 10,031

and taxExceptional items (47) (400) - (447) - 619

VII. Profit before extraordinary items and tax 2,053 2,251 2,549 4,304 5,169 9,412Extraordinary items - - - - - -

VIII. Profit before tax 2,053 2,251 2,549 4,304 5,169 9,412IX. Tax expense:

(1) Current tax 508 622 940 1,130 1,530 2,988(2) Deferred tax (461 ) 63 39 (398) 76 37

X. Profit for the period 2,006 1,566 1,570 3,572 3,563 6,387XI. Other Comprehensive income

(a) The items that will not be reclassified to profit and los (1 ) (2) (3) (3) (7) (6)(b) Income tax relating to items that will not be

0 1 1 1 2 2reclassified to profit and loss

XII. Total Comprehensive income for the period 2,005 1,565 1,568 3,570 3,558 6,383XIII. Paid up equity share capital (Face value of Re. 1/- each) 2,267 2,267 2,267 2,267 2,267 2,267XIV. Reserves & surplus 39,615 37,857XV. Earnings per equity share:

(1) Basic 0.88 0.69 0.69 1.58 1.57 2.82(2) Diluted 0.88 0.69 0.69 1.58 1.57 2.82

Rs In LacsConsolidated Results

Sr. No. ParticularsQuarter ended I Half year ended I Year ended

30-Sep-19 30-Jun-19 30-Sep-18 I 30-Sep-19 30-Sep-18 31-Mar-19Unaudited Audited

1 Segment Revenuea) Surface Finishings 12,688 11,626 12,751 24,314 23,574 52,616b) Engineering 1,592 763 681 2,355 1,144 4,543c) Shoppertainment 873 874 829 1,747 1,657 3,434Total 15,153 13,263 14,261 28,416 26,375 60,593Add/(Less): Unallocable 175 149 234 324 516 671Total Income 15,328 13,412 14,495 28,740 26,891 61,264

2 Segment results{ProfiU(Loss) before Tax and Interest from each segment}a) Surface Finishings 2,160 2,423 2,558 4,583 5,162 9,860b) Engineering 58 73 146 131 111 251c) Shoppertainment 633 594 481 1,227 1,056 2,398Total 2,851 3,090 3,185 5,941 6,329 12,509Less:(i) Interest 33 33 18 66 60 80(ii) Other unallocable expenditure, net off unallocable inc 765 806 618 1,571 1,100 3,017Total Profit Before Tax 2,053 2,251 2,549 4,304 5,169 9,412

3 Capital Employed(Segment Assets Less Segment Liabilities)a) Surface Finishings 22,239 22,565 19,013 22,239 19,013 22,523b) Engineering 567 590 981 567 981 499c) Shoppertainment 7,714 7,932 8,175 7,714 8,175 8,078Total 30,520 31,087 28,169 30,520 28,169 31,100Add: Unallocable Corporate assets less Corporate Liabi 11,362 10,547 9,178 11,362 9,178 9,024Total Capital Employed 41,882 41,634 37,347 41,882 37,347 40,124

Rs In LacsStatement of Assets and Liabilities

Half year ended Year endedParticulars 30-Sep-19 31-Mar-19

Unaudited AuditedASSETSNon-current assets(a) Property, plant and equipment 23,237 23,024(b) Capital work-in-progress 755 308(c) Other intangible assets 129 113(d) Financial assets

(i) Investments 33 119(ii) Loans 43 43(iii) Other financial assets 1,514 1,462

(e) Income tax assets (net) 262 266(f) Other Non Current assets 177 175Total non-current assets 26,150 25,510Current assets(a) Inventories 9,790 9,302(b) Financial assets

(i) Trade receivables 8,864 11,182(ii) Cash and cash equivalents 2,612 3,868(iii) Bank balances other than above 8,088 6,421(vi) Other financial assets 78 172

(c) Other current assets 2,746 1,665Total current assets 32,178 32,610Total assets 58,328 58,120

EQUITY AND LIABILITIESEquity(a) Equity share capital 2,267 2,267(b) Other equity 39,615 37,857Total equity 41,882 40,124LiabilitiesNon-current liabilities(a) Financial liabilities

(i) Borrowings 35 63(ii) Other financial liabilities 2,027 1,703

(b) Provisions 1,825 1,784(c) Deferred tax liabilities (Net) 1,329 1,728Total non-current liabilities 5,216 5,278Current liabilities(a) Financial liabilities

(i) Borrowings 547 1,972(ii) Trade payables

Due to Micro and Small Enterprises 500 686Due to Others 4,784 5,307

(iii) Other financial liabilities 2,106 2,541(b) Other current liabilities 2,232 1,692(c) Provisions 202 202(d) Current tax liabilities (net) 859 318Total current liabilities 11,230 12,718Total liabilities CUJ... 16,446 17,996Total equity and liabilities 58,328 58,120-.-

GRAUER & "''ElL (INDIA) LIMITEDCONSOLIDATED STATEMENT OF CASH FLOW FOR THE HALF YEAR ENDED 30TH SEPTEMBER, 2019

Rupees

Sept30,2019 Sept 30, 20]8

A, CASH FLOW FROM OPERATING ACTIVITIESPROFIT BEFORE EXCEPTIONAL ITEM & TAX 3,857 5,]69Less: Exceptional Item (447)Profit before tax 4,304 5.169

Ad justment for:Depreciation 899 765Bad debts written off 27 8Finance costs 66 60Loss by Fire - -

Loss/ (gain) on fixed assets sold/ discarded (net) 5 ]

Unrealised exchange loss (110) 79Net loss/ (gain) arising on fair value change 61 (74)Interest income (327) (360)Dividend income (0) (0)Operating profit before working capital changes 4,925 5,648Adjustments for changes in working capitalTrade receivables 2,290 975Inventories (487) (1,889)Long term loans and advances 113 (5)Short term loans and advances (1,082) (475)Other current assets 80 (38)Trade payables (709) (1,266)Other non current liabilities (39) 38Other current liabilities 192 29]Long term provisions 42 7]

Short term provisions - 9Cash generated from operations 5,325 3,359Less: Direct taxes paid (587) (839)Net cash flow from operating activities 4,738 2,520

B. CASH FLOW FROM INVESTING ACTIVITIESPayment towards capital expenditure - -Payment towards purchase of fixed assets (1,304) (594)Proceeds from sale of fixed assets 49 1Investment in subsidary companyDeposits/Balance with Banks with maturity more than 3 (1,835) (200)motnhs

Proceeds fromo

Sale of Investment - -Interest and dividend income 341 381Net cash flow from investing activities (2,749) (412)

C. CASH FLOW FROM FINANCING ACTIVITIESLease Liability Payment (69) -Net proceeds/ (repayment) of hire purchase credits (41) (39)Proceeds/ (Repayment) of working capital facilities (1,425) -Loan to related parties (0) 1Net proceeds / (repayment) of loan from related parties - -Interest paid (70) (65)Dividend and corporate dividend tax (1,640) (1,640)Net cash flow from financing activities (3,245) (1,743)

Net increase / (decnease) in cash and cash equivalents (1,256) 365

Cash and cash equivalents as at the beginning of the 3,868 2,157periodCash and cash equivalents 3,868 1,954Current investments - 203Cash and cash equivalents as at the end of the period 2,612 2,522

Cash and cash equivalents 2,612 2,3]9Current investments - 203

2,612 2,522

The above Cash Flow Statement has been prepared under the "Indirect Method" as set out in the Indian AccountingStandards (Ind AS 7) - Statement of Cash Flow,

Notes:

The above unaudited consolidated financial results were reviewed by the Audit Committee and taken on record by the Board of Directors at their meeting held on November13, 2019. The Statutory auditors have carried out limited review of consolidated financial results for the quarter and half year ended September 30, 2019.

2

The consolidated financial results include the results of the Holding company and its subsidiaries (together refer to as the Group) and its associates. In the previous year theGroup has opted to publish consolidated financial results on an annual basis. Accordingly, the consolidated financial results for the quarter and half year ended September 30,2018 and cash flow statement for the half year ended September 30, 2018 are approved by the Board of Directors of the Company but have not been subjected to review bythe Statutory auditors.

3The Operating segments have been classified in line with the criteria used by the Chief Operating Decision Maker for assessment of performance, review of operating resultsand resource allocation. Accordingly, information has been presented along these business segments - viz, Surface Finishings, Engineering and Shoppertainment.

4This statement has been prepared in accordance with Companies (Indian Accounting Standards) Rules, 2015 (Ind AS) prescribed under section 133 of the Companies Act,2013 and other recognised accounting policies to the extent applicable.

5The Group has adopted Ind AS 116 effective from April 01, 2019 using modified retrospective method, and recognizing the cumulative impact on the date of initial applicationi.e. April 01,2019. Accordingly, the comparative figures relating to the previous periods/year have not been restated. The net impact of adoption of this standard on the Profitafter Tax for the current quarter and half year ended September 30, 2019 is not material.

6The Group exercised the option permitted under section 115BAA of the Income tax act 1961 as introduced by Taxation Laws (Amendment) Ordinance 2019. Accordingly theGroup has recognised Provision for Current Tax for the six months ended September 30, 2019 and remeasured its net Deferred tax liabilities basis the rate prescribed in thesaid section. The impact of the change has been recognised in the Statement of Profit & loss for the quarter and half year ended September 30, 2019.

7

At one of the production site of the company located at Vapi, a fire broke out on January 01,2019 resulting in damage to stocks, plant and machinery and building. Theseassets were adequately insured on re-statement basis. The book value of the assets lost due to the fire was Rs. 619 Lacs which was debited to the Statement of Profit andLoss and disclosed as an exceptional item for the quarter and year ended March 31, 2019. During the half year ended September 30, 2019 the Company has received anadvance payment of Rs. 447 Lacs towards its Insurance claim. This amount has been disclosed as an exceptional item. The Company has further received an intimation fromInsurance Company for release of further interim advance of Rs. 2 crores on November 8, 2019 subject to submission of necessary documents.

8 Previous period's figures have been regrouped and/or rearranged wherever considered necessary.

For SCA AND ASSOCIATES(Firm Re~. No. 101174W)

By Order of the Board

~~o..fV-.J-'Kiron MallapurPartnerMembership No.: 036336

Place: MumbaiDate: November 13, 2019

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